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Thursday, 11 February 2016

BEARS ENGULFING THE MARKET TIGHTLY

FOR FREE TRIAL CALLS FILL UP THE FORM GIVEN TO YOUR
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There was blood on the D street as the Sensex
is down 807.07 points at 22951.83 and the Nifty
recorded days high and low at 7271.85 and 6970.2 points respectively. Stocks of
public sector banks led losses for key benchmark indices. Weak Asian cues
spoiled investors’ sentiment. Sectors like Finance, Industrials, FMCG, Consumer
Durables, IT, Telecom and Utilities dragged the market down further. Scrips of
Tata Motors, SBIN, Adani Port, HDFC and Cipla lost.State
Bank of India, the nation’s top lender by assets, reported profits of the
bank in the third quarter fell due to steep rise provisions it had to make for
bad loans. The earnings of the banks fell 61% over corresponding period ending
December 2014. The shares of SBI were traded at Rs 163 up 2.5% over Wednesday's
closing. The market fell steeply on the back of continuing concerns about a
global slowdown and the consequent impact on the financial sector. The US Fed
also did not provide further clarity on future interest rate movement.
Quarterly results declared over the past few days have also not met muted
Street expectations and that has impacted investor sentiments. There was
widespread fear in the market, as all the Sensex stocks barring Cipla and Dr
Reddy's Laboratories ended in the red. All the sectoral indices also ended the
day with losses. A total of
seven stocks registered a fresh 52 week high in trades today, while 235 stocks
touched a new 52 week low on the NSE. Indian Rupee opened weaker by 10 paise at
67.95/$ in early trade on Thursday as against the previous close of 67.85/$.Volatility
will likely remain high in coming weeks as the budget approaches. Investors
with at least 15-24 months horizon should be on an active stock lookout as
valuations are getting attractive. The market benchmark Sensex on Thursday saw
its 8th biggest single-day fall of 807 points as panic gripped the domestic
bourses amid growing global economic slowdown fears. BHEL, Adani Ports,
ONGC and Hindalco were top losers in the Sensex while Cipla, Bharti Airtel and
Dr Reddy's were gainers